Housing, debt & shortages: YOUR economic questions answered

Is now a smart time to buy a house? Is paying off all your debt — and losing out on tax advantages — the right move? Will food shortages REALLY hit the U.S. as hard as the rest of the world? And how prepared are Americans for a potential, coming recession? Financial expert Carol Roth, author of ‘The War On Small Business,’ gives her advice for all YOUR questions about economic instability…


Below is a rush transcript that may contain errors

GLENN: I'm concerned that small business can't continue in a country where we are teaching our kids to be risk-averse.

CAROL: It's certainly very difficult, or you get the type of entrepreneurs, who are delusional. Who think it's easy. We all know who David Hogg is, I believe. And he was complaining on Twitter the other day, how difficult it was. He tried to set up an LLC. And so difficult. Right as the government makes it so hard.

GLENN: All right. Really, welcome to the party, David.

CAROL: I know. So in a sense, it's almost a good thing. It's almost like we should have a training program, for anybody who is leaning towards socialism. Is required to start a small business. Just so they can see how difficult it is.

GLENN: Yeah.

CAROL: But, certainly, an aversion to risk. You know, more consolidation of power, that takes away the opportunity to innovate. And all the barriers, that the government has put up, to make it more difficult, to not only start a small business. But to hire your first employee. And to allow a small business owner to succeed.

You know, it's not a good thing for economic freedom, which is one of the reasons why people come here from all over the world, to try to start that business. And live the American dream.

GLENN: So when the fed is raising the interest rates, to try to control inflation, the reason why this led to an economic boom in the '80s, is because at the same time, the government said, forget all this regulation. Just go out and start a business. Right?

Without that part of the Reagan plan, raising interest rates, while piling new regulation on. That's really a killer, isn't it?

CAROL: Yeah. If you think about the fed's options here, and what they're trying to do, in terms of slowing down the economy. Giving the backdrop we have, of this messed up labor market, and supply chain. I mean, the only way you're really getting a slower economy, in my opinion, is if small businesses and to some extent, big businesses. You know, just stop hiring altogether. And I think the small businesses, since they've had a hard time hiring, can't survive. Or other things that may get very difficult for a small business to survive.

So the well-capitalized big businesses are going to be able to withstand this rollercoaster, which benefited them on the front end. And they will coast through. You know, come out the other end, okay. And the small businesses that have been beaten up, have been closed. Didn't get the relief funds. And haven't been able to take advantage of that free debt. Because they're smaller in scale. Are really the ones that are going to suffer from all of this. Once again, Glenn. Once again.

GLENN: Yeah. So if I read this one more time, I keep reading, that the economy is -- people are spending money, like there's no tomorrow.

Because the average American just has so much money in their bank account.

I -- I know that's not true. Common sense will tell you, that's not true.

Can you please put this to bed?

CAROL: So the average, and we've talked about before, average is not necessarily the median. It's often dragged up by the wealthy, at the top end.

But the average American is in better shape, going into this potential recession or stagflation. Or whatever it is, that we're about to face, and kind of in the middle of.

Than they have been in other recessions. The personal saving rates, is around, I think 6.2. 6.3 percent. As of the end of March, which was the last number that came out.

Now, that is worse than where we were, in 2019 and 2020, going in, you know, to the pandemic decisions.

But it's not through horrible, on a historic level.

We had people pay down a lot of their credit card debt. You know, with the relief funds. And what not, that they were staying home in the pandemic. Now, that started to creep back up again.

So today, they are in better shape. But the trajectory, particularly with the inflation as we know, is eating away at that.

So I would imagine that the personal saving rate will continue to decline. We will continue to see balances increase on their credit cards, and at some points, the consumer won't have that strength, in their balance sheet, and probably will also be making decisions to just punt certain expenditures, because their poor expenditures of living every single day, have gone through the roof.

GLENN: So we have some questions come in from the audience, and I want to go over a couple of them. Steve and Mary wrote in. You find write in, by the way,

I keep hearing about food shortages. Some say that famine is come. My wife and I keep arguing, back and forth. She says, this is really the rest of the world. And not us.

Yes. Food will be more expensive because of inflation, but we won't have shortages. Which one of us is right?

GLENN: Probably splitting that down the middle. Certainly there is again or some crisis across the globe. We've heard that clip that you played from the fantastic Samantha Power, who doesn't seem to care. That potentially 40 to 65 percent of the world could be food and secure, or face starvation. Because we don't have enough fertilizer.

Certainly, we are in a better position, in the United States. But it depends on things going the right way.

I mean, we've seen that we've had a bout of avian flu, that we had to contend with. You know, it depends on crop yields. It depends on our government, not just doing stupid things, and we're seeing them pulling -- you know, feed out of -- you know, of the farm, in order to put it into gasoline, so that they don't have to drill for more oil.

I mean, they don't make the best decisions.

So I wouldn't say, that there isn't a possibility, that we're going to have issues here. Because I think there is that possibility. It just probably isn't as stark, as it is, in the rest of the world.

That being said, nobody has ever been upset for being too prepared. So be prepared for that. Worst-case scenario.

GLENN: Ron in New York wrote.

I think my job is secure.

But so did my grandfather. Or my great grandfather during the Great Depression. How do we know what's coming?

What's the difference? And how do we prepare?

Is it smart for me to buy a house at this point?

CAROL: So, again, this is not financial advice. Just some food for thought for you. It really depends on your personal, financial situation.

You know, if you were somebody who is still sort of living paycheck to paycheck, or building up your reserves. We don't know, what is coming down the pike.

You know, there are a lot of issues. The big thing right now, geopolitically is, you know, are these stupid statements from the Biden administration going to pull us into some sort of a nuclear war. At that point, you know, all bets are off.

If we're just looking at sort of the inflation picture, and the recession, I think the one benefit that we do have is that we have so few people in the labor market. Now, granted, it may get many people off the sidelines, if they see their 401(k)s shrinking, and have to deal with more inflation. But if you have a job, that you're secure in. You are probably in a better position, but it's always good, to kind of think through, what are your second and third options. What could you do, if that worst-case scenario comes about?

And, again, look at the sort of risk/reward, on the home front situation. We're underbuilt, as a nation, in terms of homes. And that is long-term probably going to support housing prices. But it doesn't mean that there won't be some variability in the meantime, especially with the increase, in mortgage rates.

So I would just spend a lot of time, doing the little pros and cons and putting that plan together. For your plan B and plan C. And wish you a ton of success.

GLENN: I remember my parents, again, the small business.

In the '70s. It was a nightmare. Because it was a lot like this. What are you -- what do you think is coming?

Is it like the 1970s? And it just stays like this? I mean, nobody knows, you know what I mean?

Americans have no benchmark.

CAROL: Certainty?

GLENN: Yeah. Yeah. But no benchmark to go back and go, it will be like this. We've never seen this.

CAROL: No. There are just a number of factors, that are all coming together. And as I said, I think that geopolitical wild card is the -- is the biggest wild card right now. Assuming that we can get that peace under control. Because as I said, if that goes off the rails, all bets are off here. I think the likelihood is that we see a recession, but because of the way, the recession has come out. And some of the opener weird things that are happening in the economy. I think at least, in the United States.

It's probably a shallower recession. Than we have seen, you know, in previous periods.

Not to say, that that won't cause real pain for people. It will. There will be people, probably who lose their jobs. Small businesses will end up closing.

But I don't think -- I think that it will be shorter in duration, you know, than it otherwise would have been if we didn't have some of these other structural issues going on at the same time.

Fingers crossed. But, you know, there are a number of factors here, the fed between raising rates, and shrinking their balance sheets. The geopolitical issues. And some of the issues that we're contending with. That's just sort of a best guess right now. But we have to stay on top of this realtime. Because things could change quickly.


Glenn Breaks Down Bodycam Footage from Paul Pelosi Attack | Friday Exclusive | Ep 248

The bodycam footage of the attack on Paul Pelosi was finally released — over two months after the altercation occurred. But first, on today's Friday Exclusive, Glenn flashes back to the original, now-deleted, NBC News report that left us with more questions than answers. Then, he breaks down the recently released bodycam footage that some of America's most powerful seemingly tried to keep from going public. Finally, Glenn asks, "Why was this footage not immediately released when it could have cleared up all the confusion and controversies?" The lack of credibility and trust throughout society is getting out of control, and the delayed release of this footage may make it all worse.


Debunking Outrageous LIES from the New Hulu Series, ‘The 1619 Project’ | Ep 247

Remember this quote from George Orwell’s “1984”? “Who controls the past controls the future. Who controls the present controls the past.” The Left is trying to erase the truth of our past to control our lives NOW.

For example, did you know there was also a white, European slave trade? That Thomas Jefferson intended to get rid of slavery during America’s founding? That only two colonies voted against including the abolition of slavery in the Declaration of Independence? Glenn sets the record straight on some of the history forgotten by "The 1619 Project" — a “project” that evolved from “journalism” by Nikole Hannah-Jones of the New York Times into curriculum for school districts in all fifty states and into a documentary series airing on Hulu.

"The 1619 Project's" premise is that America was founded and built on slavery alone and continues to suffer because of this ultra-racist foundation. It dovetails perfectly with the critical race theory blanketing America’s education system, for which Florida Governor Ron DeSantis is being raked over the coals this week after blocking a high school Advanced Placement course on African-American studies.

"The 1619 Project" is a political agenda dressed up as history and gets so many historical facts absolutely WRONG. Glenn takes you into the American Journey Experience vault to reveal artifacts from one of the largest private collections of pilgrim and Jamestown history. He’s joined by Elijah O’Neal, the head of the education department at the American Journey Experience, who brings the evidence to debunk the LIES about America being pumped out in the news, in our classrooms, and now in our living rooms.


Biden sends Ukraine TANKS. Does he WANT war with Russia?

Why would President Biden send U.S. tanks to Ukraine? Tanks are an offensive tool, not a defensive one, and this latest move from Biden (and Europe) will only bring us one step closer to World War 3 with Russia. In this clip, Glenn explains why this decision makes NO SENSE...unless there’s a reason Biden and the far-left may actually WANT to engage in war. And as we face the ‘inevitable’ fall of the West, Glenn explains, there is one, big reason why several global superpowers may want world conflict to cover their tracks…


How a HORRIFIC COVID mask dispute in Canada led to this woman's DEATH

Denise Warriner is on a mission to find justice for her sister’s awful, 2020 death. Recently released CCTV footage shows 43-year-old Stephanie Warriner sitting in a wheelchair in a Canadian hospital. Warriner, who suffered from COPD, lowered her COVID mask because she was struggling to breathe. A horrific confrontation then occurred between Warriner and several hospital security guards. The men then move her seemingly lifeless body to another area of the hospital. She died two weeks later. Denise, who for THREE YEARS has been urging Canadian officials to try those responsible for her sister’s passing, joins Glenn to detail her efforts and the lack of action from Canada she’s seen as a result. Plus, she explains how YOU can get involved…

The back story

Prior to Denise's on-air interview, Glenn's producer contacted Ontario Premier Doug Ford, Ontario Attorney General Doug Downey, and University Health Network CEO Dr. Kevin Smith. She inquired what was being done regarding Stephanie's death, including the security guard who dragged Stephanie down the hospital hallway, and the security guard who altered the security cameras to avoid capturing the confrontation.

Their responses were disappointing, to say the least. Premier Ford's office did not respond. The University Health Network, the hospital chain where Stephanie's death occurred, simply wrote:

UHN will not comment on a court's decision nor on matters of individual employment or discipline.

The response indicates that the hospital network won't do anything proactive regarding the staff responsible for Stephanie's death.

Screenshot of email correspondence between Glenn's producer and UHNCourtesy Glenn Beck staff

The office of Ontario's Attorney General, Doug Downey essentially "wiped their hands" of any responsibility regarding Stephanie's death.

Screenshot of email correspondence between Glenn's producer and Attorney General Doug Downey's officeCourtesy Glenn Beck staff

As Glenn said, the response is simply from a "weasel" who wants to avert any responsibility from his office.

Though these offices attempt to divert responsibility, Glenn puts it simply: Stephanie Warriner was "killed for improper mask wear..." in a hospital, where she should have received treatment for her underlying condition. Instead, she was pinned against the wall, dragged through the hallway, and died.

We have to hold these parties responsible.

Graphic showing contact information of Doug Ford, Doug Downey, Dr. Kevin Smith, and Justice Sean Dunphy.Glenn Beck / Staff, International Insolvency Institute, Legislative Assembly of Ontario, University Health Network